Chuspa Chronicles


Don’t miss The Great Miguel’s latest post on the dashed revolutionary hopes of the fishermen in Chuspa.

It’s an amazing read.

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  1. AS one who has seen how the government proposes to finance projects in the private sector, I am completely amazed that this has not gotten the green light. For over two years now BANDES has been after us to accept about 4 Million US$, with terms very similar to those outlined in the project mentioned here. At every turn we have said NO THANK YOU, not on those terms. (20% to the workers, contributions from EBITDA that go from 3% to 10%over 6 years, variable interest rate with no mention of the variability mechanism, ability to call the loan due ANYTIME they want, regardless of performance)

    I should mention we have never offered kickbacks, nor other accounting “sleight of hand” moves either to the functionaries involved, nor to my knowledge, have they asked us.

    There has to be more behind the story, I am willing to bet that the guy that is holding this up has his hand out and it’s not getting greased.


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